Indonesian group to invest $2.6billion in Newmont copper-gold company

By Dale Benton
Oil and gas tycoon Arifin Panigoro, an Indonesian investor group and banker Agus Projosasmito will invest $2.6billion to buy 82.2 percent of Newmont Nus...

Oil and gas tycoon Arifin Panigoro, an Indonesian investor group and banker Agus Projosasmito will invest $2.6billion to buy 82.2 percent of Newmont Nusa Tenggara, Indonesia’s second biggest copper and gold mine.

Newmont is the world’s second biggest gold miner based on market value. The deal, which is expected to be finalised in the third quarter of this year, will also include Indonesian group under Amman Mineral Internasional buying 56 percent of NNT from U.S. miner Newmont Mining Corp and Japan's Sumitomo Corp and its partners. It will buy the remaining 26.2 percent from local companies.

The NNT acquisition is supported by state-controlled lenders Bank Mandiri, Bank Negara Indonesia and Bank Rakyat Indonesia, Medco said.

However, the Indonesian group's ambition to fully own NNT may be hampered by a lawsuit surrounding Pukuafu. Earlier this year, Indonesian businessman Gustaaf Merukh asked a Jakarta court to freeze Pukuafu's 17.8 percent stake.

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